Markets

Six Chinese state-run banks cut their deposit rates, Bloomberg reported. This will eventually ease lending rates, prompting more borrowing among consumers and businesses. But China may still have to introduce other stimulus policies to incite further growth. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re… Continue reading China’s state-run banks cut deposit rates to stimulate sluggish economic growth

Stocks could face a meltdown as the bubble in firms riding the AI excitement pops, Ed Yardeni said. The current bull market in stocks is unusual, as they typically begin when valuations for firms are low, he said. “The problem with melt-ups is that they almost always invariably are followed by meltdowns.” Loading Something is… Continue reading The ‘mother of all melt-ups’ in stocks could be quickly followed by a meltdown as the bubble in overvalued names pops, Ed Yardeni says

GameStop plunged 22% on Thursday after the video game retailer fired its CEO and reported a quarterly revenue decline.GameStop had hired its now ex-CEO from Amazon in a bid to turn around the struggling retailer.The company said its largest investor, Ryan Cohen, would be named executive chairman. Loading Something is loading. Thanks for signing up!… Continue reading GameStop plunges 22% after company fires its CEO and names meme-stock activist Ryan Cohen as executive chairman

Jeff Greene told the story of his lucrative wager against the mid-2000s housing bubble to Insider. John Paulson told Greene about his iconic trade, which “Big Short” investor Michael Burry also made. The real-estate billionaire shared how he’s protecting his wealth against a potential downturn. Loading Something is loading. Thanks for signing up! Access your… Continue reading Real-estate tycoon Jeff Greene made $800 million shorting the last housing bubble. He explains how John Paulson inspired the contrarian bet, and how he’s protecting his wealth today.

Commercial real estate faces higher borrowing costs and tighter lending, Howard Lutnick said. The BGC Partners CEO warned those factors may spell trouble for the embattled industry. He told CNBC that US stocks will also be weighed down slightly.   Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed… Continue reading Commercial real estate has a rough road ahead as lending dries up, Wall Street CEO says

The US economy is currently resilient but will face a mild recession, Bank of America’s Michael Gapen said. The bank’s chief economist said a labor-market correction is needed for inflation to decline to the Fed’s 2% target.  “Unless bank stress gets worse and a credit crunch is revealed, it’s harder to see where that hard… Continue reading The US will face a mild recession, but the risk of a ‘hard landing’ is currently low, Bank of America’s chief economist says

China extended a gold-buying streak through May, adding an additional 16 tons. It’s not alone in boosting its gold holdings, as central banks shed dollar reserves. China’s foreign currency holdings fell in May to $3.18 trillion. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on… Continue reading China stretched its gold-buying spree into the 7th straight month in May, signaling more central bank de-dollarization

The stock market could see significant upside as more companies adopt artificial intelligence, according to Goldman Sachs.The proliferate of  AI technologies should help productivity and profits rise, the bank said.”We estimate the benefit to S&P 500 fair value could be as small at +5% and as large as +14%,” Goldman said. Loading Something is loading.… Continue reading The stock market could surge 14% as companies adopt AI to boost productivity and profits, Goldman Sachs says